Byron Wien on 'New Industrial Revolution'

The Wall St. pro shares the latest views of a mentor who sees a new breed of innovators emerging.

Editor's Note: Wien is a senior adviser to Blackstone, the asset management and private-equity firm.

People often ask me if I have a mentor, someone who has influenced my thinking over my career. I have had many, but over the past thirty years I have learned a great deal about investing from the person I have come to refer to as The Smartest Man in Europe. The most important lessons he taught me were (1) that the primary force behind good performance is recognizing important changes before or just as they are starting to...